The Arkansas Institutional Fund (AIF) works to build the state economy by increasing access to venture capital for innovative Arkansas businesses. Established in 2005, the AIF program is expected to result in over $420 million of equity, near equity, and debt capital for Arkansas businesses through its first and second rounds of investment. Over time, AIF is committing approximately $70 million to private equity and venture capital funds that provide early stage capital, traditional venture capital, later stage and expansion capital, and special situations capital. AIF is a fund of funds venture capital investment program designed to produce a surplus, the majority share of which goes to the state. AIF is authorized by the Arkansas Development Finance Authority (ADFA). The equity interest in AIF is held by the Arkansas Venture Capital Investment Trust. AIF is managed by Cimarron Capital Partners, LLC. AIF operates under an investment policy approved by the ADFA (see profile) Board of Directors.